5 reasons HNW travellers are opting for luxury apartments over hotels

Suddenly five-star is not so first-class after all

Today’s cashed-up, peripatetic set is rocking the (banana) boat of the luxury travel industry. It appears that it’s no longer enough to be billeted in the most sought-after hotels and inns around the world, and that a private detached house is increasingly becoming the lodging of choice for the affluent, a recent report by The Globe and Mail showed.

Here are 5 reasons that drive wealthy travellers to frequent luxury homes for rent instead of hotel accommodations:

Privacy is king

Detached residences have gained traction among rich travellers who need to be shielded from prying eyes, according to New York-based luxury travel expert Rabia Shahenshah. It’s a double imperative for the rich-and-famous — ask Justin Bieber, rumoured to be springing for Australian homes to rent while he’s touring the country next year.

Secure entry is everything

Sneaking through a hotel backdoor, in full shades-and-hoodie regalia, to evade the paparazzi or plain old muggers gets old pretty quick. Secure entry is a feature now highly sought by affluent travelers, and many luxury homes for rent offer just that, with underground parking to boot.

Blame it on Millennials and the experience economy

Millennials have inherited the earth, and they are seriously walking it. This generation believes that money is better lavished on experiences rather than tangible stuff — 78 percent of them said as much in a 2014 Harris Poll conducted for self-service ticketing platform Eventbrite. Millennials are “renting scooters and touring Vietnam, rocking out at music festivals, or hiking Machu Picchu,” not shifting cash on “cars, TVs and watches,” Taylor Smith, CEO and co-founder of employee rewards platform Blueboard, told CNBC. Overall, an “exclusive experience” ranks highly on the list of priorities of luxury travelers today, next only to VIP-level privacy and security, travel technology provider Amadeus stated in a report.

It’s a tribal thing

Sometimes even the most enormous hotel suite just does not cut it for travelers. Generation Rich-Kids-of-Instagram tends to travel in herds, underscoring the growing prevalence of luxury homes. “These residences are really appealing to Millennials travelling with friends, and to extended families,” Misty Ewing Belles, publicist for travel advisor network Virtuoso, explained to The Globe and Mail. “Why take four hotel rooms when you can have grandparents, parents and kids all in one big space?” Exclusive Resorts CEO Cathy Ross affirms this, telling Forbes that Millennials travel in “tribes,” making it clear that a temporary abode with ample outdoor space is imperative.

You can be yourself

“If you’re with your friends and family in a villa, you can still be yourself,” Ann Layton, founder and CEO of travel PR agency Siren Communications, explained to The Globe and Mail. “You don’t have to put your full face on to go down to breakfast in the morning.”

P.S. There’s no place like hotel

Which brings us to the breakfast buffet — you may not find one in your private luxury rental unless you order catering. House rentals are not about to undercut the importance of well-regulated hotels, with their 24/7 security and concierge services. Private residences are rather “supplementing hotels,” Belles told The Globe and Mail. “I think that people do a combination of those things, depending on how and why they’re travelling.”

Also, hotels take care of the very things not a few travellers loathe, like making the bed.

Source: Property Report